I’m Looking for Bitcoin to Attract More Interest – TheStreet

As market players wait for the FOMC interest rate policy and a Jerome Powell press conference this afternoon, they are dealing with some choppy rotational action. Apple (AAPL) and FAANG names continue to lead the Nasdaq higher while banks, airlines and other 'value' plays are selling off.

The small-cap speculative action has slowed quite a bit as the number of stocks with moves over 5% has dropped sharply from yesterday. There are still pockets of action but it is becoming narrower and more difficult to trade. One low priced stock that I've added today is WisdomTree Investments (WETF) which offers ETF investments.

As the action becomes more unstable I'm looking for Bitcoin to attract more interest. There are plenty of newly minted traders that will be looking for action and they will be enticed by a breakout over $10,000.00. I am using the Grayscale Bitcoin Trust (GBTC) as a proxy.

This chart is developing well and should attract breakout buyers around $12 which roughly corresponds with the Bitcoin $10,000 level.

This is a very mixed market right now and the major indices are doing a poor job of reflecting what is really going on. There is very strong rotation, strong interest in speculative stocks, and a tendency toward dip-buying. There are good opportunities but they are changing very quickly.

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Originally posted here:
I'm Looking for Bitcoin to Attract More Interest - TheStreet